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The business intelligence in the healthcare sector market size is forecast to increase by USD 14.20 billion, at a CAGR of 21.22% between 2023 and 2028. The market's expansion is fueled by several key factors, notably the enhanced efficiency of BI tools which empower organizations to make data-driven decisions. Furthermore, the growing integration of big data with healthcare analytics revolutionizes patient care and operational efficiency, driving demand for advanced solutions. Additionally, the rising prevalence of smart connected devices transforms industries by enabling real-time data collection and analysis, further propelling market growth. As businesses strive for agility and innovation, the synergy between business intelligence tools, big data analytics, and smart connected devices emerges as a critical enabler of success. This convergence not only enhances decision-making processes but also fosters a more interconnected and efficient ecosystem, positioning the market for continued expansion in the years ahead. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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In the healthcare sector, the market is experiencing significant growth due to the increasing adoption of data-driven approaches in patient care and industry operations. Key players in this market include Google Cloud, which offers solutions for self-service business intelligence, predictive analytics, and customer relationship management in the healthcare industry. The integration of Artificial Intelligence (AI) and Machine Learning (ML) in Electronic Health Records (EHR) and Critical Care Units (CCUs) is revolutionizing healthcare analytics. This data-supported decision-making enables better patient safety, clinical performance, and improved patient outcomes. Industries 4.0 and the data-driven world have led to the widespread use of Cloud Computing in healthcare. This technology facilitates the remote monitoring of chronic disorders through Telehealth, financial, and clinical analysis. Moreover, epidemiology also benefits from BI tools, allowing for more accurate and timely disease surveillance and prevention. The market caters to the needs of various industries, including chronic diseases management, healthcare providers, and financial analysis. By leveraging business intelligence tools, healthcare organizations can make data-supported decisions, enhance patient care, and optimize operational efficiency.
One of the key drivers supporting the growth of the market is the improved efficiency of BI tools. In the dynamic healthcare sector, Business intelligence tools play a pivotal role in enabling healthcare providers, including Physician Practices and Post-acute Care Organizations, to gain a competitive edge. BI tools facilitate the transformation of raw data from Ambulatory Care Settings, Health Information Exchanges, Accountable Care Organizations, Managed Care Organizations, Third-party Administrators, and Electronic Health Records into valuable insights. Global healthcare organizations leverage BI tools to optimize financial investigation segments such as Revenue cycle management and Payment integrity, benefiting Payers and Practitioners alike.
However, remote patient monitoring and managing chronic disorders further expand the application of business intelligence tools in the healthcare industry. Information technology firms offer both on-premises and cloud-based BI solutions, incorporating Query and reporting, OLAP and visualization, and medical device manufacturers' data to enhance decision-making capabilities. Thus, the improved efficiency will drive the market growth during the forecast period.
One of the key trends fueling the growth of the market is the increasing use of predictive analytics and artificial intelligence in healthcare. In the global healthcare sector, Business Intelligence is gaining significant traction among various stakeholders, including Physician Practices, Post-acute Care Organizations, Ambulatory Care Settings, Health Information Exchanges, Accountable Care Organizations, Managed Care Organizations, Third-party Administrators, and information technology firms. The availability of extensive data from sources like Electronic Health Records (EHRs), medical images, and patient-generated data from wearables is driving this trend. BI tools enable healthcare providers to conduct financial estimation segments such as Revenue cycle management and Payment integrity, benefiting Payers and Practitioners alike.
Further, predictive analytics help identify high-risk patients with chronic disorders, enabling early intervention. AI assists in analyzing medical images and NLP processes unstructured data for pattern identification. Remote patient monitoring and query and reporting are other essential BI functionalities. Medical device manufacturers also leverage BI for on-premises data investigation. Thus, the increasing use of predictive analytics in healthcare is expected to spur the growth of the market during the forecast period.
One of the key factors challenging the market growth is the presence of open-source BI companies. In the healthcare sector, Business Intelligence plays a crucial role in data estimation for various organizations, including Physician Practices, Post-acute Care Organizations, and Ambulatory Care Settings. Open-source BI solutions from vendors like Pentaho, BIRT, SpagoBI, KNIME, and JasperReports pose challenges for commercial BI providers, as they offer cost-effective and customizable alternatives. However, commercial BI vendors can differentiate themselves by providing additional features and services. Global healthcare providers utilize BI tools to manage Electronic Health Records (EHRs), Health Information Exchanges (HIEs), and Accountable Care Organizations (ACOs). Managed Care Organizations, Third-party Administrators, and Payers also rely on BI for financial analysis segments such as Revenue cycle management, Payment integrity, and query and reporting.
Moreover, OLAP and visualization tools are essential for data analysis in the sector, particularly for managing chronic disorders and remote patient monitoring. Information technology firms offer on-premises and cloud-based BI solutions to meet the diverse needs of healthcare practitioners. Medical device manufacturers also leverage BI for analysis and integration. Overall, the presence of open-source BI companies in the sector presents challenges for commercial BI companies, which is expected to affect the growth of the market in the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the software segment will be significant during the forecast period. The market in the healthcare sector encompasses various software components, including BI platforms, dashboard and reporting software, analytics software, and data warehousing software. In the context of healthcare, these tools are utilized for database design, data visualizations, financial analysis, cost management, cash flow management, claims management, and clinical analysis. BI platforms facilitate big data operations and operational analysis, while dashboard and reporting software offer customizations for real-time data visualizations. Data analytics software employs advanced algorithms for trend identification and relationship discovery.
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The software segment was valued at USD 2.63 billion in 2018. Data warehousing software ensures secure storage and management of data. Cloud-based delivery modes, such as Telecloud, enable on-demand access to BI tools, while on-premises deployment maintains security and control. Telehealth and provider networks benefit from BI tools for claims processing and operational efficiency. Further, security breaches and privacy are critical concerns addressed by BI software, ensuring compliance with industry regulations. BI tools offer features like claims processing, supply chain analysis, workforce analysis, and strategic analysis, enabling organizations to improve quality, reduce costs, and enhance patient care. Additionally, BI tools support clinical analysis, quality improvement, clinical benchmarking, clinical decision support, comparative analytics, precision health, and corporate BI.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Business Intelligence market in the healthcare sector is experiencing significant growth due to the increasing use of data analytics to reduce costs, increase revenue, and enhance patient safety. Healthcare institutions are leveraging database design and data visualizations to manage the large volume of data from various sources, including pharmaceutical professionals, hospitals, and insurance companies. Cloud-based delivery modes and on-premises deployments are used for big data operations. Telehealth and telecloud technologies enable remote access to patient data for financial analysis, cost management, cash flow management, claims management, and operational analysis.
Further, customizations and security breach mitigation are essential for healthcare payers, provider networks, healthcare manufacturers, pharmaceutical companies, and government agencies. Software solutions offer features such as claims processing, operational analysis, supply chain analysis, workforce analysis, strategic analysis, clinical analysis, quality improvement, clinical benchmarking, clinical decision support, comparative analytics, precision health, patient care, and corporate business intelligence. Such factors will increase the market growth in this region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is experiencing significant growth due to the increasing need for data-driven decision-making in the industry. Patients, Data, Penetration, Chronic Diseases, Services, Basis, Electronic, Records, Healthcare, Analytics, Necessary, Models, Cloud, Computing, Performance, Reports, Care, Units, Outcomes, Drives, Decision-making. The implementation of Electronic Health Records (EHRs) and the availability of large datasets have created opportunities for BI solutions to help healthcare providers analyze patient data and improve overall care quality. The market caters to various needs such as disease management, population health management, and operational efficiency. Companies like IBM, Microsoft, SAS, and Oracle dominate the market with their advanced analytics and reporting capabilities. The use of business intelligence in healthcare is expected to continue growing as the industry moves towards value-based care and personalized medicine.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.22% |
Market growth 2024-2028 |
USD 14.20 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
18.16 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 31% |
Key countries |
US, China, Germany, UK, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Alphabet Inc., Board International SA, Domo Inc., Hexaware Technologies Ltd., Idera Inc., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., OpenText Corp., Oracle Corp., Perficient Inc., QlikTech international AB, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and TIBCO Software Inc. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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